U.S. Automotive Tire Market Revenue To Exceed $75.0 Billion by 2024

The U.S. automotive tire market revenue reached $57.9 billion in 2018 and it is predicted to rise to $75.4 billion by 2024, owing to the booming automotive industry and surging requirement for tire replacement, because of the growing average lifespan of automobiles, in the country. According to the estimates of P&S Intelligence, a market research company based in India, the market will demonstrate a CAGR of 5.4% from 2019 to 2024. 

The U.S. is home to several leading automobile and automotive component manufacturing companies across the world. Out of the country’s total gross domestic product (GDP), around 3.0% was contributed by the automobile industry in 2018. Moreover, with the fall in tariff, emergence of technologically advanced automobiles, such as electric and autonomous vehicles, changing preferences of consumers, and growing compliance in manufacturing processes, the industry is set to prosper even more in the coming years. This will subsequently push up the demand for automotive tires in the country.

Furthermore, the soaring manufacturing of light commercial vehicles is predicted to create lucrative growth opportunities for the players operating in the U.S. automotive tire market in the near future. Additionally, the enactment of strict regulations, growing lifespan of automobiles, and mushrooming requirement for green tires are propelling the automotive tire industry in the country. The availability of a skilled workforce, introduction of an open investment policy, provision of incentives by state and local governments for encouraging vehicle adoption, and existence of a well-developed infrastructure are also fueling the advancement of the market. 

Depending on vehicle, the market is divided into passenger vehicle, medium and heavy commercial vehicle, light commercial vehicle, and two-wheeler categories. Out of these, the passenger vehicle category contributed the highest revenue to the U.S. automotive tire market in the years gone by. This was because of the high demand for pickup trucks in the country during the last few years, which massively boosted the sales of the tires used in these vehicles.  

Hence, the demand for automotive tires will soar in the U.S. in the coming years, mainly because of the growing tire replacement rate and increasing deployment of electric vehicles in the country. 

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Rapid Urbanization Driving Europe Water Pump Market Growth

The rising urbanization rate, surging consumer expenditure, and depleting groundwater levels are expected to drive the European water pump market at a CAGR of 1.8% during 2020–2030. The market revenue is projected to grow from $707.2 million in 2020 to $848.3 million by 2030. The groundwater level of Europe is declining rapidly, due to the rising temperature, on account of global warming. The National Aeronautics and Space Administration (NASA) states that the 2019–2020 winter in the region was warmest hitherto, owing to which there was little snow and spring was drier and warmer than normal.

The water pump demand in Europe is primarily driven by the accelerating urbanization rate in the region. According to the World Bank, the urban population of the European Union (EU) nations surged from 334,222,735 in 2019 to 335,651,231 in 2020. As per the organization, nearly 0.427% of the EU population resided in urban areas in 2020. With the booming urban population, governments of EU countries are focusing on improving the existing utility water and drinking water infrastructure.

Presently, the players in the European water pump market are introducing new products to gain a competitive edge. For instance, in March 2021, Ebara Corporation introduced the EVMS-K, a new model pump, for the European populace. This product integrates the EVMS model with the E-SPD inverter model. This pump is integrated with an inverter that helps in saving energy of the motor, simplifying writing and installation, saving installation space, and increasing the efficiency of pumps.

According to P&S Intelligence, Germany accounted for the largest share in the European water pump market in 2020. This was due to the presence of stringent wastewater treatment laws, which need to be adhered to, even by the domestic treatment facilities in the country. Moreover, the increasing need to lower the energy consumption of pumps in water and wastewater treatment plants is expected to drive the demand for energy-efficient water pumps in the country. 

Therefore, the accelerating urbanization rate and lowering groundwater levels will augment the demand for water pumps in Europe.

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How Is Healthcare Sector Supplementing Water-Based Adhesive Specialty Tapes Market Growth?

A number of factors such as the booming automotive sector, surging public awareness about the advantages of such tapes, burgeoning demand for medical products, and rapid technological advancements in the healthcare industry, are expected to drive the water-based adhesive specialty tapes market at a CAGR of 6.5% during the forecast period (2020–2030). According to P&S Intelligence, the market was valued at $5,093.2 million in 2020 and it will generate $9,514.9 million revenue by 2030. 

The expanding automotive industry is driving the demand for water-based adhesive specialty tapes worldwide. According to the International Organization of Motor Vehicle Manufacturers (OICA), 77,621,582 vehicles were manufactured and 77,971,234 vehicles were sold globally in 2020. In addition, rapid technological developments in the automobile sector and the introduction of new vehicles are also fueling the demand for water-based adhesive specialty tapes. The automotive industry uses water-based adhesive specialty tapes as double-sided tapes, foam tapes, and protection tapes because they are easy to fix and remove.

In recent years, the players in the water-based adhesive specialty tapes market have been engaging in product launches to stay ahead of their competitors. For example, in April 2018, Shurtape Technologies LLC launched Shurtape FM 200 flagging tapes to expand its safety and marking product portfolio. The new tapes are used for temporary applications, such as tagging, marking trails, color coding, indicating survey boundaries, and designating hazards. Other players like Nichiban Co. Ltd., Intertape Polymer Group Inc., Scapa Group plc, and 3M Company are also expanding their product portfolio to gain a competitive edge. 

Globally, the Asia-Pacific water-based adhesives specialty tapes market generated the highest revenue in 2020, and it is expected to continue this trend throughout the forecast period. This can be credited to the expanding healthcare, electrical and electronics, and automotive industries and surging disposable income of people in the region and the prospering economy of the regional countries. For example, the OICA states that China, India, Japan, and South Korea manufactured 25,225,242 units, 3,394,446 units, 8,067,557 units, and 3,506,774 units of vehicles, respectively, in 2020. 

Therefore, the prospering automotive industry and soaring demand for healthcare products are prominent growth drivers of the market.

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Saudi Arabia Lighting Market Technological Advancements, Evolving Industry Trends and Insights

The Saudi Arabian lighting market generated a revenue of $1,350.0 million in 2020 and it is predicted to reach a value of $3,577.0 million by 2030. According to the estimates of the market research company, P&S Intelligence, the market will demonstrate a CAGR of 10.2% from 2020 to 2030 (forecast period). The market is being driven by the surging use of light-emitting diodes (LEDs), owing to their customization benefits, falling prices, and energy efficiency, soaring popularity of smart homes, and launch of smart city development projects in the country.

As per various estimates, power consumption will rise by more than 50% over the next 20 to 25 years. As per the International Energy Agency (IEA), the deployment of smart lighting systems can reduce energy consumption by 35% as compared to traditional lighting systems. Lighting consumes most of the power in commercial, industrial, and residential sectors and it accounts for as much as 15% of the total power consumption in the country. Moreover, it is responsible for 5% of the total greenhouse gas emissions in the country.

Between the two, the wireless category is expected to demonstrate higher growth rate in the coming years. Since these lights do not need wires, they can be deployed in places which will allow users to save money and energy. Moreover, these lights can be placed at greater distances than that allowed by wired systems. Al Nasser Group, OPPLE Lighting Co. Ltd., LEDVANCE GmbH, Al AbdulKarim Holding, Alfanar Group, Zumtobel Group AG, National Lighting Company, Huda Lighting, NVC International Holdings Limited, TRILUX GmbH & Co. KG, CINMAR Lighting Systems, and Signify N.V. are some of the major Saudi Arabian lighting market players.

The players operating in the industry are actively focusing on product launches in order to strengthen their position and augment their revenue. For example, Al Nasser Group’s retail division inaugurated the first smart home called Al-Takhassusi Riyadh in November 2019 in the presence of the Hager Group’s representatives and engineers from the domain of design and lighting. Similarly, Alfanar Group launched the latest collection of switches and sockets, service boxes, switch and junction boxes, lighting products, distribution boards, and cables and wires at the IEE Conference in April 2019.

Hence, it is safe to say that the market will exhibit rapid expansion in the years to come, mainly because of the surging infrastructure development activities, mushrooming popularity of smart homes, and soaring use of LEDs in the country.

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How Is Rising EV Sales Supplementing Electric Motor Market Growth?

Factors such as the rising adoption of electric vehicles (EVs) and increasing compliance for energy-efficient electric motors are expected to propel the electric motor market at a CAGR of 6.3% during 2020–2030. According to P&S Intelligence, the market was valued at $105.5 billion in 2020 and it is projected to generate $195.1 billion revenue by 2030. At present, the manufacturing industry is opting for energy-efficient electric motors to reduce energy consumption and reduce operating costs. 

The surging adoption of EVs is one of the key growth drivers of the market, as electric motors are their major components. As per the International Energy Agency (IEA), the global stock of battery electric vehicles (BEV) (cars) and plug-in hybrid electric vehicles (PHEV) (cars) will surge from 6,850,327 in 2020 to 79,975,992 by 2030 and 3,346,713 in 2020 to 44,355,904 by 2030, respectively. Furthermore, the total number of BEV (vans) and PHEV (vans) will escalate from 427,525 in 2020 to 11,041,648 by 2030 and 8,384 in 2020 to 1,959,625 by 2030, respectively. 

The application segment of the electric motor market is categorized into medical, industrial, space, transportation, commercial aerospace, non-industrial robotics, defense, marine, and others. Under this segment, the transportation category generated the highest revenue in 2020, due to the surging adoption of EVs and booming demand for motor vehicles. The rising shift toward EVs can be attributed to the soaring public awareness about worsening air quality and increasing government support toward the EV industry in the form of tax rebates and subsidies.

Globally, the Asia-Pacific electric motor market generated the highest revenue in 2020, and it is projected to showcase the fastest growth throughout the forecast period (2021–2030). This can be attributed to the presence of a large number of manufacturing plants in developing countries, such as Bangladesh, China, Indonesia, and India. Moreover, the mounting investments being made by the market players in the untapped markets of the region will also augment the demand for electric motors in APAC.

Thus, the burgeoning EV production and escalating demand for energy-efficient electric motors are expected to steer the market growth across the world.

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Australia Micromobility Market To Generate $19,185.6 Million Revenue by 2030

Factors such as the burgeoning demand for first- and last-mile connectivity and the surging need for reduced traffic congestion in urban areas are expected to drive the Australian micromobility market at a robust CAGR of 89.5% during the forecast period (2021–2030). The market growth will also be steered by the low cost and convenience offered by micromobility solutions. According to P&S Intelligence, the market was valued at $16.9 million in 2020, and it will generate $19,185.6 million revenue by 2030.

The rising need to reduce traffic congestion, which can be credited to the booming population, is augmenting the demand for micromobility services in Australia. As per the World Bank, the population of the country surged from 25,365,745 in 2019 to 25,687,041 in 2020. The surging population is exerting additional burden on transportation systems, owing to which the government and market players are encouraging the use of such solutions. Micromobility offers better connectivity to a public transit hub, aids in reducing the carbon footprint, and helps in lowering the dependence of people on their vehicles.

Currently, the battery swapping technology is becoming a prominent trend in the Australian micromobility market. The advent of this technology has increased the fleet uptime, while reducing operational costs, owing to which market players are registering significant profits. Battery swapping can be done by the rider as well as a micromobility company employee or a freelancer. The rider can swap the discharged battery with a charged one at any swapping center, or a micromobility company employee or contracted person visits the required places to accomplish the task.

Key players in the Australian micromobility market, such as Vmoto Limited, Localift Services Pty. Ltd., Giant Manufacturing Co. Ltd., Lime, Beam Mobility Holdings Pte. Ltd., Neuron Mobility Pte. Ltd., Segway Inc., Flamingo Technologies Limited, Spinway WA, Airbike, and Kwang Yang Motor Co. Ltd., are currently focusing on business and operational expansions to stay ahead in the competition. For example, in July 2019, Beam Mobility Holdings Pte. Ltd., an e-scooter sharing service provider, established its operations in Adelaide, Townsville, Canberra, Brisbane, Sydney, and Melbourne.

Thus, the escalating need to decrease traffic congestion and the rising popularity of swappable batteries are the key contributors to the market growth.

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How Is High Disposable Income Driving Electric Massager Equipment Demand?

Electric massager equipment is used to relieve muscle tension by enhancing blood flow, lower pain intensity by decreasing bodily substances that cause prolonged pain, improve recovery by stimulating mitochondria, and reduce inflammation by activating genes that naturally lower swelling. In recent years, technological advancements have resulted in the development of handheld portable massagers, owing to which they have become extremely popular in households. Usage of such massagers can provide enhanced sleep, lower blood pressure, and potential blood loss. Thus, the increasing public awareness regarding such benefits will augment the usage of electric massager equipment in the foreseeable future. 

In addition, the surging public expenditure on personal care, on account of the rising disposable income of the people, will support the electric massager equipment market growth in the upcoming years. For instance, the Reserve Bank of India (RBI) states that the gross national disposable income of India increased from INR 1,73,15,933 crore during 2017–2018 to INR 1,92,37,943 crore during 2018–2019. Further, the Bureau of Economic Analysis (BEA) estimates that personal consumption expenditures (PCE) in August 2021 increased by $130.5 billion from August 2020 levels.

According to P&S Intelligence, North America leads the electric massager equipment market, due to the easy availability of advanced devices in the region. Moreover, the increased public awareness regarding potential applications of massaging in the treatment of stimulating mitochondria will also fuel the usage of electric massager equipment in North America. Additionally, the presence of prominent electric equipment manufacturers and rapid technological advancements will also encourage the adoption of such products in the U.S. and Canada.

Therefore, the escalating public awareness regarding the benefits of massage, growing disposable income of people, and soaring number of spas will facilitate the adoption of electric massager equipment globally.  

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